G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7902
来源IDWorking Paper 7902
International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information
Menzie D. Chinn; Kenneth M. Kletzer
发表日期2000-09-01
出版年2000
语种英语
摘要A model of financial crises in emerging markets based on problems of agency in financial intermediation is developed. This model generates dynamic relationships between foreign capital inflows, domestic investment and domestic bank debt in an endogenous growth model. As a consequence of loan renegotiation between limited liability banks and firms, financial crises inevitably occur. Banking and currency crises are concurrent events under an exchange rate peg combined with deposit insurance and implicit government guarantees of foreign currency loans. The model links high pre-crisis growth rates, the accumulation of bank debt and increasing concentration of domestic lending and investment to the anticipation of contingent government insurance of private financial transactions. The dynamics of capital inflows and growth before and after a financial crisis are compared to the experience of the Asian crisis countries. We find evidence consistent with this agency model of domestic bank intermediation of foreign capital inflows under exchange rate pegs.
主题International Economics ; International Finance ; International Macroeconomics
URLhttps://www.nber.org/papers/w7902
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565487
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Menzie D. Chinn,Kenneth M. Kletzer. International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information. 2000.
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